Quote:
Originally Posted by lovecrowds
New York State budget gap could be a lot bigger than first thought | WNYT.com
https://www.bls.gov/eag/eag.ny.htm
Will be interesting what happens when the next recession comes!
How can a state basking in so much Wall-Street wealth with extremely high taxes have a huge deficit?
Why are so many Democratic states having budget issues? Maybe the biggest economic bubble the nation has ever seen and yet Democratic politicians have spent so much that they already racking up massive budget deficits.
Despite, President Trump causing stock prices to hit all-time record highs from optimism over his tax cuts it looks like the liberal Democratic governor has squandered it all with a huge spending spree.
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First of all as one who *LIVES* in New York no major news outlet has covered this story and for a good reason; it is based upon "PROJECTIONS". Neither the comptroller nor anyone else knows what the federal government will do because Congress hasn't yet passed a budget. Nor as the so called tax plan in any way been finalized much less voted upon.
New York state always has budget gaps; mainly because this is a welfare state with plenty of hands stuck out for a touch. In an already high tax state Andrew Cuomo and some in the legislature have been moving around deck chairs in attempts to lower rates but have not really cut spending.
It isn't helping that upstate New York is emptying out as people leave and that a large portion of state revenue comes from downstate (read New York City, Westchester and Long Island) and the financial and other businesses located.
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